THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND
FINANCIAL STATEMENTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025
REGISTERED CHARITY NUMBER: 1071913
THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025
The trustees present their report along with the Financial Statements of the charity for the year ended 31[st ] March 2024. The Financial statements have been prepared in accordance with the accounting policies set out on page 10 and comply with thecharity’s Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards for Smaller Entities (the FRSSE) (effective 1 January 2015).
Objectives & Activities
The aim of the Trustee is to make grants in line with the governing document.
Achievements and Performance
The Charity made the following grants in 2024/25:
| Beneficiary | Date | £ |
|---|---|---|
| Swansea MAD | 27/08/2024 | 2,000.00 |
| St Madoc Christian Youth Camp | 27/08/2024 | 3,000.00 |
| Swansea Gay Womens Social and Support Group | 27/08/2024 | 2,500.00 |
| Vision Impaired West Glamorgan | 27/08/2024 | 400.00 |
| Penlan AFC CIC | 27/08/2024 | 2,000.00 |
| Mental Health Football in Wales | 27/08/2024 | 2,500.00 |
| Friends of Ravenhill Park | 27/08/2024 | 2,500.00 |
| Morriston Town AFC | 27/08/2024 | 2,500.00 |
| Oystermouth Bowls Club | 18/12/2024 | 780.00 |
| Penclawdd Association Football Club | 18/12/2024 | 2,500.00 |
| The Nelson Trust | 18/12/2024 | 1,500.00 |
| Unity in Diversity | 18/12/2024 | 1,500.00 |
| The Message Trust | 18/12/2024 | 2,500.00 |
| LLwchwr Town Council | 18/12/2024 | 2,500.00 |
| Cae Tan CSA | 18/12/2024 | 2,500.00 |
| Chinese In Wales | 18/12/2024 | 2,500.00 |
| Christ Church, Swansea | 18/12/2024 | 1,000.00 |
| Victoria Saints Bowls Club | 19/12/2024 | 2,500.00 |
| Pennard Community Council | 10/02/2025 | 2,500.00 |
| Plough Colts AFC | 10/02/2025 | 2,500.00 |
Total Grants Awarded 2024/25 42,180.00
Total Grants Awarded 2024/25
THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025
Financial Review
Investment Policy and Performance
The investor shall have power to invest all or any part of the said property and the income thereof from time to time not immediately otherwise required in furtherance of the said object in or upon such investments securities or property as the Trustee thinks fit. The Chief Executive shall act as the Clerk to the Trustee and the Director of Finance shall act as the Treasurer of the fund.
If the Trustee at any time decides that it is expedient to discontinue the fund any money held in the fund after the payment of all expenses or liabilities properly incurred shall be distributed among such exclusively charitable organisations operating within the City and County of Swansea, as the Trustee may determine.
Grant Making Policy
The object of the Fund shall be to receive applications from organisations and charities for grant payments. Applications will not be considered for grants, which would normally be dealt with out of the annual budgets of the Council’s service departments or by public agencies or that would commit the Fund to regular payments for a particular purpose.
Structure, Governance and Management
The City and County of Swansea Welsh Church Act Fund is a Registered Charity, number 1071913.
The Welsh Church Act Fund was established by a trust deed in 1914. It originally covered the old Glamorgan County Council area. The original Fund was apportioned in 1974, following Local Government Reorganisation to the 3 new Glamorgan Counties, South, Mid & West. Following further Local Government Reorganisation in 1996, the Fund of the former West Glamorgan County Council was apportioned on a population basis between the City & County of Swansea and Neath Port Talbot County Borough Council. This report covers the portion of the Fund now managed by the City & County of Swansea. The principal address is:
City & County of Swansea Finance Department Civic Centre Oystermouth Road Swansea SA1 3SN
THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025
Structure, Governance and Management Continued
Trustee
The City & County of Swansea is the Corporate Trustee of the Charity.
Advisors
The following advisors assisted the Trustee in the year:
Honorary Treasurer
The role of Honorary Treasurer of the City & County of Swansea Welsh Church Act Trust Fund is undertaken by the Section 151 Officer of Swansea Council or his/her suitably qualified nominee.
The financial statements and annual report 2024/25 are signed and approved on behalf of the Trustees by Mr Ben Smith, Honorary Treasurer.
Mr Ben Smith Director of Finance & Section 151 Officer City & County of Swansea Civic Centre Swansea SA1 3SN
Independent Examiner
Mr R Dolbear CPFA 11 Hen Parc Avenue Upper Killay Swansea SA2 7HA
Bankers
Lloyds TSB Bank Plc Oxford Street Swansea SA1 3AF
Fund Manager
Fieldings Investment Management Ltd Salisbury House London Wall London EC2M 5QS
For and behalf of the Trustee
Ben Smith (Honorary Treasurer) 02/09/2025 (Date)
THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEE OF THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND
I report on the accounts of the charity for the year ended 31 March 2025, which are set out on pages 7 to 12.
Respective responsibilities of trustee and independent examiner
The charity’s trustee is responsible for the preparation of the accounts. The charity’s trustee considers that an audit is not required for this year (under section 145(5) (b) of the Charities Act 2011 (the Act) and that an independent examination is needed.
It is my responsibility to:
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Examine the accounts (under section 145 of the Act) ;
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Follow the procedures laid down in the General Directions given by the Charity Commissioners (under
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section 145 (5) (b) of the Act ; and
State whether particular matters have come to my attention.
Basis of independent examiner’s report
I conducted my examination in accordance with the General Directions for Independent Examination issued by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking of explanations from you as trustee concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts.
I wish to record my thanks to the Board for its cooperation during the difficult circumstances arising from the pandemic. My audit relied on the electronic transfer of data rather than prime documents, never the less I was able to conclude all the neccessary checks to form my conclusions
Independent Examiner’s Statement :
In connection with my examination, no matter has come to my attention:
-
which gives me reasonable cause to believe that in any material respect the requirements :
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to keep proper accounting records in accordance with section 41 of the Act - to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act,
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEE OF THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND CONT’D
Name : Mr R Dolbear
Signature :
Relevant Professional Qualification : CPFA
Address : 11 Hen Parc Avenue, Upper Killay, Swansea, SA2 7HA Date : 10/08/2025
THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
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Unrestricted Restricted Endowment Total Funds Total Funds Note
Funds Funds Funds 31/03/25 31/03/24
£ £ £ £ £
Income & Endowments from :
Donations Received
Charitable Activities
Other Trading Activities
Estate Rental Income 1,505 1,505 1,160 3
Investments Income 46,904 46,904 45,835 2
Bank Interest 1,288 1,288 454 2
Repayment of Grant 0 0
Other -2,132 -2,132 2,747 4
Total 47,565 0 0 47,565 50,196
Expenditure On :
Raising Funds 3,091 3,091 1,542 6
Charitable Activities 42,180 42,180 52,978 5
Other 1,635 1,635 545 6
Total 46,906 0 0 46,906 55,065
Net Income (expenditure)
Transfers between funds
Net Income/Expenditure 660 0 0 660 -4,869
Other recognised gains (losses):
Gains/(losses) on disposal/revaluation
35,000 35,000 10
of assets
Unrealised gains (losses) on
2,410 2,410 -1,688 7
investment assets
Total Other Gains & Losses 37,410 0 0 37,410 -1,688
Net movement in funds 38,070 0 0 38,070 -6,557
Reconciliation of funds :
Total funds brought forward 1,215,545 1,215,545 1,222,102
Total funds carried forward 1,253,615 0 0 1,253,615 1,215,545 8
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THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND BALANCE SHEET AS AT 31 MARCH 2025
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Total Funds Total Funds Notes
31/03/2025 31/03/2024
£ £
Fixed Assets :
Intangible Assets
Tangible Assets 137,000 162,000 10
Heritage Assets
Investments 99,170 96,760 9
Total fixed assets 236,170 258,760
Current Assets :
Stocks
Debtors 8,522 122,158 12
Investments 890,000 790,000 9
Cash at bank and in hand 119,322 42,656 11
Total current assets 1,017,843 954,814
Liabilities
Creditors : Amounts falling due within one year -399 1,971 13
Net Current Liabilities -399 1,971
Creditors : Amounts falling due after more than one year
Provisions for Liabilities
Total net assets 1,253,615 1,215,545
The funds of the Charity
Endowment funds
Restricted Income funds
Unrestricted funds 1,253,615 1,215,545
Revaluation reserve
Total Unrestricted funds 1,253,615 1,215,545
Total charity funds 1,253,615 1,215,545 8
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38,070
Net Movement in Funds
THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
1. Accounting Policies
General
The Financial statements have been prepared in accordance with the accounting policies set out in page 10 to 16 and comply with the Charity's Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities : Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards for Smaller Entities (the FRSSE) (effective 1 January 2015).
Basis of Accounting
The accounts have been prepared using the accruals basis.
Investments
Investments have been valued at market value, in accordance with the SORP.
2. Investment Income and Income on Deposits
Short Term Deposits
The Welsh Church Acts Fund has investments managed by the City & County of Swansea. Previously this was invested wholly on seven days notice with the interest rate based on the Money Market’s SONIA (Sterling Over Night Index Average) Rate.
The interest rate applied on the seven days notice investment during 2024/25 was 3.89% with the interest received being:
| The interest rate applied on the seven days notice investment during 2024/25 was 3.89% with the interest | 1,556 |
| received being: | |
| The average interest rate applied on the fixed investment during 2024/25 was 4.84% with the interest | 43,144 |
| recevied being: | |
| The total interest accrued for the year was: | 7,703 |
| The Trust’s current account, used for operational purposes is with Lloyds Bank. Interest is currently earned | 1,288 |
| on a credit balance, the interest recevied during 2024/25 was |
Long Term Deposits
The Welsh Church Act Fund has investments in Treasury Stock, which is managed by Fieldings Investment Management Ltd. Interest is received half-annually on these investments. The stocks held as at 31st March 2024 were as follows:
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Market Market
Dividend
Value Value
Holdings 2023/24
31/03/24 31/03/25
£ £ £
2.00% Treasury Gilt 2025 96,760 99,170 2,000
Total 96,760 99,170 2,000
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The dividend income recevied during 2023/24 on the Welsh Church Act's Gilt Holdings was:
2,204
THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
3. Estate Rental Income
| 3. Estate Rental Income | |
|---|---|
| £ | |
| The Welsh Church Act Fund receives rental income from various properties. These properties are | 1,505 |
| mainly located in the Vale of Glamorgan and generated the following income during 2024/25. | |
| 4. Miscellaneous Income | |
| The Welsh Church Act Fund reclaimed from the City & County of Swansea for the VAT element | 368 |
| of invoices paid from the Fund during the year. | |
| The Welsh Church Act Fund wrote off a creditor in relation to the Swansea Council SLA Charge, | -2,500 |
| the resulting credit was posted to the I&E as (non-cash) income. | |
| 5. Grants to Organisations | |
| A total of £42,180 was paid out in Grants from the Fund in 2024/25. A comprehensive list of | 42,180 |
| grants appears on Page 2 of this report. | |
| 6. Management and Administration | |
| The total cost of management and administration for 2024/25 was £1,742 This was made up of | |
| the following charges : | |
| £ | |
| City and County of Swansea SLA Charge | 2,500 |
| Management fees are paid to Fieldings Investment management Ltd for Broker Services on a | 591 |
| qusrterly basis. Fees are paid at 0.0025% of the Market Value of the investments.. | |
| Auditors Fees of for an Independent Examination of 2023/24 accounts. | 300 |
| LEI Registration Fee | 60 |
| Marking and Sales Fees in relation to the sale of Flanders Farm | 1,620 |
| Total Management and Administration Costs | 5,071 |
| The Welsh Church Act Fund wrote off a debtor in relation to Estate Rental Income, the resulting | 345 |
| debit was posted to the I&E as a miscellaneous expense. | |
| Note | |
| A creditor provision has been made over the past few Financial Years for the Swansea Council SLA Charge | |
| under the assumption the charge is invoiced in arrears. However the charge is invoiced in year and the | |
| decision was taken to write off the creditor provision made during 2022/23, this has resulted in a Nil charge | |
| during 2023/24. |
THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
7. Unrealised Gains on Investments Assets and Revaluation on Disposal
The unrealised gain on external gilts for 2024/25 was £2,410.00 – see Note 9 below Note 9 below.
The unrealised gain on the disposal of Land and Building for 2024/25 was £35,000.00 – see Note 10 below Note 9 below.
8. Analysis of Funds
| Restricted Funds WCATF |
Balance @ 01/04/24 Receipts Utilised/ Realised Transfer & Losses Unlrealised Gains & Losses Balance @ 31/03/25 1,215,545 47,565 -46,906 0 37,410 1,253,615 1,215,545 47,565 -46,906 0 37,410 1,253,615 |
|---|---|
THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
9. Investments
| Market Value as at 1st April 2024 Additions (MV) Disposals (MV) Net unrealised investment gains/(losses) Market Value as at 31st March 2024 Book Cost as at 31st March 2025 10. Tangible Fixed Assets Valuation at 1st April 2024 Additions Disposals Revaluation Valuation as at 31st March 2025 11. Cash in Bank and In Hand As per Bank Statement 31st March 2025 12. Debtors Debtor Balance 2023/24 b/f CHARLES STANLEY CO Income on Internal Investments to 31/03/24 (Unpaid Interest) Income on External Gilts to 31/03/24 (Unpaid Interest) Estate Rental (WCA0335 Payment recevied 2024/25) CHARLES STANLEY CO - Reimbursement of National Grid Gilt Swansea Council - VAT Reclaim Fieldings Invoice 20609 Debtor Write Off - Estate Rental (Income not received during 2023/24 WCA0338 - Estate Rent unpaid during 2024/25 Income on Internal Investments to 31/03/25 (Unpaid Interest) Income on External Gilts to 31/03/25 (Unpaid Interest) VAT Reclaim Fieldings Invoice 20688 Sundry Debtors 2024/25 |
Treasury stock Short term deposits Total £ £ £ 96,760 790,000 799,891 1,320,000 1,320,000 -1,220,000 -1,220,000 2,410 2,410 99,170 890,000 902,301 |
Treasury stock Short term deposits Total £ £ £ 96,760 790,000 799,891 1,320,000 1,320,000 -1,220,000 -1,220,000 2,410 2,410 99,170 890,000 902,301 |
|---|---|---|
| 92,070 890,000 982,070 |
||
| iro 2021/22) | Freehold reversions £ 162,000 0 -60,000 35,000 137,000 £ 119,322 £ 122,158 -6,817 -8,841 -132 -663 -106,000 -51 345 663 7,703 132 25 8,522 |
THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024
13. Creditors
| Creditor Balance 2022/23 b/f Audit Fee - WCA Accounts 2023/24 Professional Fees - Management Expenses to 31/03/24 CHARLES STANLEY CO - Overseas Custoday Charge Creditor Write Off - WCA SLA charged in year not in arrears Audit Fee - WCA Accounts 2024/25 Professional Fees - Management Expenses to 31/03/25 Sundry Creditors 2024/25 |
£ -1,971 -200.00 -304.14 -24.84 2,500.00 250.00 148.75 399 |
|---|---|
14. Commitments and Contingencies
The Welsh Church Act Fund had no commitments and contingencies as at 31st March 2025
15. Related Party Transactions
The charity’s trustee is the City and County of Swansea which is therefore a related party. The charity’s transactions and balances with the trustee were in relation to the charity’s short term deposits as set out in notes 2 and 9 and are summarised below;
| Balance owed to charity at 1 April 2024 New Investments during year Withdrawal made during year Transfer to Current Account Interest income accrued on investment Interest paid out to Charity Balance owed to charity at 31 March 2025 |
795,258 860,000 -750,000 0 8,841 -32,272 881,827 |
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